General News
UBA Adopts IFRS, BASEL 2, Global Standards in Governance, Financial Reporting, Risk Management
The United Bank for Africa has announced further changes to its financial reporting, governance, risk and control architecture in line with its standard setting history and ongoing commitment to implement industry best practice across its global businesses.
These entail an integrated implementation of key international best practices in risk management, financial reporting, internal controls and corporate governance.
The holistic measures have seen the Bank adopting the advanced approaches of Basel II Prudential Standards, International Financial Reporting Standards (IFRS), and Committee of Standards Organisation (COSO) compliance and plans to implement the South African King III corporate governance code, which will be implemented during the course of this financial year.
Mr. Andre Blaauw, group chief risk officer, UBA Plc said the bank has adopted the advanced approaches of the Basel II standard as a best practice framework for credit, market and operational risk management as well as capital management and risk reporting.
He said integrating Basel II with key business practices, such as risk appetite management, loan pricing, loan portfolio management, performance management, customer segmentation and product planning, has proven to be the key differentiator in the bank’s business model success during the recent financial crisis.
“Banks which have merely adopted Basel II for compliance reasons and have not changed the way they were doing their business ran into problems quickly. Given that the Central Bank of Nigeria has set 2012 as the deadline for Basel II implementation, we do not have an urgent compliance deadline but have decided to adopt Basel II as a key enabler of business management and development” he stated.
UBA has a diverse shareholder base and is currently operating in 13 African countries, with an expectation to be in a further 6 shortly, the US, UK and France, all with different regulatory and accounting standards.
The adoption of IFRS has become an imperative to facilitate the bank’s financial reporting and disclosure standards amongst its diverse stakeholders said Mr. Victor Osadolor, UBA Plc’s group chief finance officer.
IFRS is recognized as the global standard for financial reporting. Its most significant impact for Nigerian banks will be in the area of credit provisioning. The IFRS requirements for loan portfolio impairment accounting are rule-based and less subjective than the current practice.
It is also noteworthy that UBA is also adopting COSO compliance – which relates to the integration of internal audit with wider enterprise risk management. Though COSO is not a Nigerian requirement, as an international bank with a multinational presence, UBA has realized the benefits that the rigour of COSO standard compliance will bring to the robustness of our internal control framework.
UBA plans to commence implementation of COSO, once IFRS is established. COSO certifications will provide added assurance to all stakeholders on the soundness of our control environment.
UBA is already fully compliant with the CBN code on corporate governance, but as a global bank, the adoption of the South African King III Code puts the bank on a par with international peers. Implementation of King III will take place in the last quarter of this financial year. The King Code is widely regarded internationally and King III, the latest version of the code has just been released.
According to Mr. Blaauw, UBA decided to align with it as the corporate governance code most suitable to an institution with both global and emerging market stakeholder bases, such as UBA.
General News
Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.
“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.
“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”
It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.
But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.
It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.
“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.
“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”
MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.
Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.
“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”
In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.
It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”
Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.
“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.
“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”
Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.
It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.
The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.
President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.
He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.
“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.
“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”
He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.
General News
MTN Targets 8m Homes in Fibre Expansion Drive

MTN Nigeria says it plans to pass fibre to eight million homes over the next three years as part of efforts to deepen broadband penetration and expand digital service offerings across the country.

Tobe Okigbo
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, disclosed this at the MTN Media Innovation Programme (MIP) Alumni “Ask Me Anything” session held on Saturday.
Okigbo said the telecom company was making significant investments in home fibre infrastructure despite challenges such as regulatory approvals, physical deployment requirements and the long period needed to recover costs.
According to him, fibre broadband differs from mobile internet services because customers pay for connection speed rather than bandwidth consumption.
He said the investment formed part of MTN’s broader strategy to gradually shift customers from mobile-heavy internet usage to fixed broadband services for home connectivity.
Okigbo noted that the global telecommunications industry was evolving beyond traditional voice and data services, driven by advances in artificial intelligence, 5G, smart devices and internet-connected homes.
He warned that telecom operators that fail to adapt risk becoming mere providers of connectivity infrastructure while technology companies capture greater value from digital services.
“The future of telecoms is no longer just about expanding coverage. It is also about building services and platforms around network infrastructure to remain relevant and competitive,” he said.
On recent tariff increases, Okigbo said the adjustments were necessary to address rising operating costs, inflation and sector sustainability concerns.
He cited increased diesel prices and other operational expenses as major factors affecting the cost of delivering telecom services in Nigeria.
According to him, tariff pricing should increasingly reflect market realities and inflation trends, while allowing consumers to switch providers offering better value.
Speaking on service quality, Okigbo said MTN had compensated customers in cases of poor network performance and remained in discussions with regulators on accountability for service failures.
He explained that discussions were ongoing to distinguish between network issues caused directly by operators and those resulting from external factors such as vandalism, construction activities and infrastructure damage.
Okigbo said MTN supported compensating customers for genuine service lapses but sought clarity on regulatory parameters guiding such liabilities.
He added that fibre deployment remained more complex than mobile network expansion because it involved physical cable installation, local government approvals and detailed service planning.
On mobile money operations, Okigbo said MTN Group had acquired a 60 per cent stake in MoMo across its markets to strengthen competitiveness and improve customer experience.
He said the future of telecoms would also be shaped by embedded connectivity, smart homes, connected vehicles and broader Internet of Things adoption.
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
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